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Behringer Harvard (the "Offeror") announces success of its offers (the "Offers") to purchase the IPC US Real Estate Investment Trust 6% Convertible Unsecured Subordinated Debentures due November 30, 2014 and 5.75% convertible unsecured subordinated debentures due September 30, 2012 expired at 5:00 p.m. (Toronto time) on June 25, 2009.

The Offeror is pleased to announce that all of the conditions to the Offers, including the minimum tender condition, have been satisfied or waived.

At the expiry of the Offers, the preliminary report from the depositary shows that (i) USD $10,483,000 6% Convertible Unsecured Subordinated Debentures due November 30, 2014 and USD $25,544,000 5.75% convertible unsecured subordinated debentures due September 30, 2012 of the outstanding Debentures have been tendered and not withdrawn pursuant to the Offers.

The Offeror has today informed Computershare Investor Services Inc., the Indenture Trustee for the Offers, that it intends to take up the Debentures deposited under the Offers and expects to pay for all debentures deposited on or about June 30, 2009. It is the intention of the Offeror to call a meeting of Debentureholders to consider the Proposed Amendments (as described in the Offering Circular). The Proposed Amendments will effectively result in the early maturity of the Debentures for the 6% Debenture Offer Price and the 5.75% Debenture Offer Price, respectively.

Forward Looking Statements

Certain statements contained in this press release may constitute "forward looking statements". When used in this press release, the words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," and similar expressions, as they relate to Behringer Harvard are intended to identify forward-looking statements. Such statements reflect Behringer Harvard's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause Behringer Harvard's actual results, performance, actions or achievements to be materially different from any future results, performance, actions or achievements that may be expressed or implied by such forward looking statements, including among other things, those which are discussed in documents that Behringer Harvard files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Behringer Harvard does not intend, and does not assume any obligation, to update these forward looking statements.